CCP 11-13-2007 - Laserfiche WebLink

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~~ ~j~ the city that works for you Re ort Number: ' A enda Section: - Re ort Date October 30, 2007 Council Meetin Date November 13, 2007 REQUEST FOR COUNCIL CONSIDERATION ITEM DESCRIPTION: Acceptance of Interim Financial Statements for the Third Quarter of 2007 DEPARTMENT HEAD'S APPROVAL: CITY MANAGER'S APPROVAL: No comments to supplement this Recommendation: I recommend that the Statements. Comments attached accept the 2007 Third Quarter Financial Explanation: Attached are interim financial statements for the third quarter operations of our General, Water, Sewer, Stormwater, Street Light, and Golf Course Funds. These interim financial statements of revenues and expenditures/expenses are intended to illustrate how our operations are progressing financially during the year. The following are noteworthy.items as of the end of the third quarter: General Fund Revenues 1. Taxes In June, we received an advance on the first half tax settlement. The remainder of the first half settlement was received in July. The second half settlement will not be received until December. 2. Permits Permits revenue is running ahead of last year's pace. Last year at this time revenues were $431,837 for permits compared to $485,736 this year. This represents 96.9% of the annual budgeted amount. Fines and Fees Fines are received from Ramsey County one month in arrears. The third quarter reflects fines received through August. Year-to-date revenues for this category are $42,159 (60.2% of the budget) compared to $44,470 last year. 4. Intergovernmental Year-to-date revenues for this category are $312,941 compared to $630,509 last year. The budget for intergovernmental revenues includes $310,500 of Police and Fire Aid from the State. These State Aids were received in the fourth quarter for 2008. Last year they had already been received in the third quarter. 5. Charges for Services Included in this category are the following: • License Bureau -year-to-date revenues are $105,550 (75% of total budget) compared to $113,1981ast year at this time. • Xcel Energy Franchise Fees -year-to-date revenues are $339,189 compared to $315,548 as of the third quarter last year.